Ride Sharing Startup 360Ride Raises Rs.1Cr in Seed Funding

Bengaluru based P2P ride sharing startup, 360Ride, has raised Rs. 1 crore in seed funding by a Delhi based HNI. The funds will be deployed in marketing and promotional campaigns to generate brand awareness.

The firm launched its services in 2015, it is operating the concept of ride sharing via both two wheelers and four wheelers. It offers a real time ride sharing option for travelling within the city, to the airport or intercity with verified users only. It currently operates in in Bangalore, Delhi, Gurgaon and Noida, and plans to cover all major metros by the second quarter of 2016.

It was founded in 2012 by Lokesh Bevara and Varaprasad Moida as myprepaidtaxi.com. Its CEO Lokesh, is a Stanford University Graduate in Innovation & Entrepreneurship, who also pursued his Master’s degree in Information Technology. He began his professional career as a software engineer with EMC followed by a one year stint with IBM ISL.

Cab aggregators like Ola and Uber have also launched their ride sharing services. Besides these, 360Ride will also be competing with the likes of Blablacar and Tripda.